Home prices soften as Fraser Valley housing market cools amid lower sales and higher…
Sales volumes remain exceptional in the Fraser Valley
SURREY, BC – Ongoing demand for Fraser Valley real estate saw overall sales reach the highest point for the month of October in the Board’s history. This is the fourth consecutive month of record-breaking or near-record activity for sales and new listings in the region.
The Fraser Valley Real Estate Board processed 2,370 sales of all property types on its Multiple Listing Service® (MLS®) in October, an increase of 48.9 per cent compared to the 1,592 sales in October of last year, and an 6.2 per cent increase month-over-month compared to the 2,231 sales in September.
The volume of new listings received by the Board in October dipped compared to September, however still ranked the highest for the month in the last decade and the fourth highest of all time. The Board received 3,081, a 12.3 per cent decrease compared to September’s intake and a 29.3 per cent increase compared to October 2019.
Chris Shields, President of the Board, observes, “The situation is unprecedented. We are in the middle of a pandemic and in many of our communities we are seeing a strong seller’s market for townhomes and single-family homes priced correctly. For example, in Langley, our current supply of detached homes would sell in 1.4 months if no new listings became available. And for Mission townhomes, we have zero months of inventory.
“If you’re thinking of buying or selling, seek expert advice because every neighbourhood and property type is unique.”
October finished with 6,872 active listings, a decrease of 6.8 per cent compared to September and a decrease of 7.1 per cent year-over-year. Last month’s active listings were 11.9 per cent below the ten-year average for October.
Baldev Gill, Chief Executive Officer of the Board, adds, “As our region faces a current surge in cases of COVID-19 and gatherings are being further restricted, it’s important to emphasize that the real estate industry – one of the first to adapt successfully to the necessary safety requirements – continues to be vigilant in order to contain the spread. REALTORS® are strongly encouraging their clients to embrace technology and avoid in-person activities.”
For the Fraser Valley region, the average number of days to sell an apartment in October was 36 days, and 27 days for townhomes. Single family detached homes remained on market for an average of 30 days before selling.MLS® HPI Benchmark Price Activity
- Single Family Detached: At $1,046,900 the Benchmark price for a single-family detached home in the Fraser Valley increased 1.4 per cent compared to September and, increased 9.9 per cent compared to October 2019.
- Townhomes: At $569,200, the Benchmark price for a townhome in the Fraser Valley increased 0.3 per cent compared to September and increased 5.0 per cent compared to October 2019.
- Apartments: At $434,600, the Benchmark price for apartments/condos in the Fraser Valley decreased by 0.5 per cent compared to September and increased 4.2 per cent compared to October 2019.
1. Areas covered by the Fraser Valley Real Estate Board include: White Rock, Abbotsford, Mission, Langley, Delta-North & the City of Surrey – North Surrey, Central Surrey, Cloverdale and South Surrey.
Statistics for Related Areas
Statistics from Recent Months